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Financial Innovation

Table 3 Unit root test

From: Degree of financialization and energy efficiency in Sub-Saharan Africa: do institutions matter?

 

ADF

Philip-Perron

Inverse logit

Modified inv. chi-squared

Inverse logit

Modified inv. chi-squared

ROA

−13.38***

17.95***

−5.91***

6.75***

Lag Credt growth

−22.26***

33.78***

−21.9***

33.53***

Risk

−8.96***

11.23***

−1.54*

1.96**

Size

−11.89***

15.96***

−6.56***

10.52***

Managerial inefficiency

−12.66***

16.93***

−5.19***

6.59***

Financial soundness

−12.45***

16.81***

−7.65***

12.17***

Lnei

−7.46***

9.37***

1.94

0.86

Lneipet

−9.32***

11.60***

−0.20

1.47*

Lneielec

−13.15***

19.21***

−7.89***

15.11***

GDP growth

−22.69***

34.52***

−21.92***

33.84***

Inflation

−18.30***

28.41***

−15.62***

23.37***

lnServicevalue

−10.75***

13.87***

−2.68***

3.49***

Polity2

−9.98***

13.11***

−3.95***

2.996***

Fin.Soundness*lnei

−12.42***

16.59***

−7.23***

10.81***

Polity2*lnei

−12.53***

17.01***

−8.21***

13.16***

  1. *** p < 0.01, ** p < 0.05, * p < 0.1
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